建银国际发布研报称，万国数据的核心优势在于：在一线城市及周边区域布局高标准人工智能基础设 施，新增订单人工智能相关占比高，且发行国内首单数据中心公募REITs，资本运作效率行业领先。 消息面上，万国数据此前表示，将出售旗下DayOne 3.85亿美元股份，股份购回将使万国数据得以回收 其在DayOne的投资本金的约95%，投资回报率接近6.5倍。回笼资金将用于国内AIDC投资，广发证券认 为，该举措意味着国内算力基础设施投资前沿依然乐观。 智通财经APP获悉，万国数据-SW(09698)早盘涨超3%，截至发稿，涨2.77%，报40.08港元，成交额 4230.7万港元。 ...

Summary of Key Points from the Conference Call Industry Overview - The China data center sector is positioned as a crucial component in the AI ecosystem, benefiting from increased investments by internet companies in AI applications and infrastructure [1][9] - Anticipated dual-track expansion in chip supply, computing power demand, and regional capacity across East and West China [1][13] Core Insights - Order volume for China data center stocks is expected to be a primary focus for investors in 4Q25 and into 2026, with potential for earlier and larger demand due to the bidding process by internet hyperscalers [2][9] - GDS and VNET are projected to see significant growth in adjusted EBITDA, with GDS expected to grow by 12% and VNET by 23% year-over-year in 2027 [2][9] - DayOne, partially owned by GDS, is expanding its capacity with a total of 1.8GW secured by the end of 2025, including a mezzanine financing facility of €500 million to support its developments in Finland [3][9] Financial Projections - GDS's revenue is projected to reach Rmb 11.5 billion in 2025E, with an EBITDA of Rmb 5.4 billion [11][70] - VNET's revenue is expected to be Rmb 9.9 billion in 2025E, with an EBITDA of Rmb 2.9 billion [11][70] - SUNeVision's revenue is forecasted at Rmb 3.3 billion in 2025E, with an EBITDA of Rmb 2.4 billion [11][70] Capital Expenditure and Financing - GDS's organic capex is expected to reach Rmb 7 billion in 2026E, while VNET's capex is projected to exceed Rmb 8 billion [43][44] - Both companies are leveraging favorable financing channels, including private REITs, to support their capital expenditures [43][44] Market Dynamics - The data center market is expected to see a 14% CAGR in live capacity from 2025 to 2028, driven by demand from internet, cloud, and AI sectors [54][59] - Wholesale demand is projected to grow at a 19% CAGR, while retail demand is expected to grow at a lower rate due to physical constraints [54][59] Competitive Landscape - GDS and VNET are expected to account for approximately 13% of China's data center live demand by 2028, indicating ongoing industry consolidation [56][66] - The competitive environment may intensify as companies prioritize operational efficiency and wallet share in the face of rising demand [13][43] Additional Insights - The approval of Nvidia H200 chips for import into China could significantly impact the data center bidding process and chip supply dynamics [13][35] - The utilization rates of data centers are expected to improve, particularly in regions with lower power costs and favorable government incentives [43][56] Conclusion - The China data center sector is poised for growth driven by AI investments, favorable financing conditions, and increasing demand from cloud and internet services. GDS and VNET are well-positioned to capitalize on these trends, with significant projected revenue and EBITDA growth in the coming years [1][2][9][54]

（文章来源：每日经济新闻） 每经AI快讯，万国数据-SW(09698.HK)涨超3%，截至发稿，涨3.3%，报43.18港元，成交额4713.47万港 元。 ...

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22亿美元，相当于每股万国数据美国存托股 11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜力 的新兴商机。 消息面上，1月13日，万国数据-SW发布公告，其已与DayOne Data Centers Limited(DayOne，一个总部 位于新加坡的超大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne将向公 司购回价值3.85亿美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超过20 亿美元的C轮可转换优先股的价格相同。 智通财经APP获悉，万国数据-SW(09698)涨超3%，截至发稿，涨3.3%，报43.18港元，成交额4713.47万 港元。 ...

Market Overview - The Hong Kong stock market opened higher on January 14, with the Hang Seng Index rising by 0.46% to 26,971.97 points, the Hang Seng Tech Index up by 0.42% to 5,894.63 points, the State-Owned Enterprises Index increasing by 0.46% to 9,328.05 points, and the Red Chip Index gaining 0.25% to 4,156.46 points [1] Company News - Q Technology (01478.HK) expects a net profit growth of approximately 400% to 450% for the year ending December 31, 2025 [2] - China Coal Energy (01898.HK) anticipates a 10.2% decrease in coal sales volume to approximately 256 million tons for 2025, with December sales down by 23% year-on-year to 21.88 million tons [2] - Zhixing Technology (01274.HK) has been selected as a supplier for a Korean automotive group's driver assistance solutions for four vehicle models [2] - Country Garden (00832.HK) projects a total property contract sales amount of 8.467 billion yuan for 2025, a decrease of 16.3% year-on-year [3] - Hopson Development (00754.HK) expects total contract sales of approximately 15.607 billion yuan for 2025, down 6.15% year-on-year [4] - Chuangjie Tong (01588.HK) anticipates a profit attributable to the parent company between 76 million and 85 million yuan for 2025, representing a year-on-year increase of 127% to 154% [4] - SUTENG (02498.HK) forecasts laser radar product sales of approximately 912,000 units for 2025 [5] - Xiaocaiyuan (00999.HK) plans to establish a joint venture to develop an online mall and "community ready-to-eat stores" [6] - GDS Holdings (09698.HK) has recovered approximately 95% of the investment principal from DayOne, with an investment return rate of nearly 6.5 times [7] - China Biologic Products (01177.HK) intends to acquire 100% of Hejiya for a maximum base price of 12 million yuan to accelerate the development of its siRNA liver delivery platform [7] - Innovent Biologics (02696.HK) has had its Biologics License Application for Hanbeitai® (Bevacizumab Injection) accepted by the FDA [7] - Xiaomi Group (01810.HK) repurchased 4 million shares for 152 million HKD at prices between 37.94 and 38.04 HKD [8] - Tencent Holdings (00700.HK) repurchased 1.012 million shares for 636 million HKD at prices between 623 and 638 HKD [9] - Sunny Optical Technology (02382.HK) repurchased 640,000 shares for 41.7878 million HKD at prices between 64.55 and 65.8 HKD [10] Institutional Insights - Dongwu Securities suggests that the window for the Federal Reserve to cut interest rates this year is limited, and the impact of fiscal policies on the economy is still forthcoming. If the Fed does not cut rates in the first quarter, the rebound pace of the Hong Kong stock market will depend more on fundamental factors. The overall allocation strategy for Hong Kong stocks remains a barbell strategy, recommending a controlled allocation while waiting for more news [11] - Wanlian Securities highlights that policy opinions indicate a push to accelerate the industrialization and commercialization of brain-computer interfaces. The global competitive landscape in this sector shows the U.S. leading in invasive methods while China leads in non-invasive methods, focusing on key elements such as electrodes, chips, and algorithms [11][12]

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22亿美元，相当于每股万国数据美国存托股 11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜力 的新兴商机。 万国数据-SW(09698)发布公告，其已与DayOne Data Centers Limited(DayOne，一个总部位于新加坡的超 大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne将向公司购回价值3.85 亿美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超过20亿美元的C轮可 转换优先股的价格相同。 ...

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22亿美元，相当于每股万国数据美国存托股 11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜力 的新兴商机。 智通财经APP讯，万国数据-SW(09698)发布公告，其已与DayOne Data Centers Limited(DayOne，一个总 部位于新加坡的超大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne将向 公司购回价值3.85亿美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超过 20亿美元的C轮可转换优先股的价格相同。 ...

万国数据(09698.HK)公告，公司已与DayOne Data Centers Limited订立最终协议，据此，DayOne将向本 公司购回价值385百万美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超 过20.0亿美元的C轮可转换优先股的价格相同。 本文源自：金融界AI电报 ...

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22.0亿美元，相当于每股万国数据美国存托 股11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜 力的新兴商机。 格隆汇1月13日丨万国数据-SW(09698.HK)宣布，其已与DayOne Data Centers Limited(「DayOne」，一 个总部位于新加坡的超大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne 将向公司购回价值385百万美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发 行超过20.0亿美元的C轮可转换优先股的价格相同。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 承董事會命 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 自願公告 本公告由萬國數據控股有限公司（「本公司」或「萬國數據」，連同其附屬公司統稱 「本集團」）自願作出。 本公司宣佈，其已與DayOne Data ...